Nordex to float shares

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Nordex is to go public with a flotation on the New Markets section of the Frankfurt stock exchange this spring. The flotation will be handled by Dresdner Kleinwort Wasserstein and WestLB Panmure. It is expected to raise Nordex nominal capital by about EUR 18 million to around EUR 52 million through the issue of 18 million new shares. At the same time up to 18 million existing shares owned by BDAG Balcke-Dürr of Germany and Nordvest of Denmark, including a greenshoe reserve of up to EUR 4.7 million, are to be offered for sale. After the initial public offering, 69% of Nordex shares would then be publicly traded. Nordex is currently owned 80% by BDAG Balcke-Dürr and 20% by Nordvest, which is 100% owned by brothers Jens and Carsten Pedersen, the founders of Nordex.

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